Claudio Fischer, a Chilean millionaire, has had his eyes on acquiring property on the famous Las Vegas Strip for a few years and thought he was close to a deal in 2020.
Fischer, who is a former commercial airline pilot, made his money with one of the largest salmon farms in the world. He originally entered into a preliminary agreement with the Las Vegas Convention and Visitors Authority (LVCVA) to buy the site of the former Riviera Hotel back in 2019. They agreed on $120 million for the 10 acres.
Then the Covid-19 pandemic hit in 2020 and the Strip shut down. Fischer’s dream was temporarily dashed as both parties agreed to put the deal on hold.
A year later, things slowly started to return to normal and Fischer and LVCVA President and CEO Steve Hill were back at it, trying to formalize a deal.
The proposed 10 acres would be on land that the LVCVA had bought in 2015 with the intention of building an expansion of one of the halls of the LVCVA’s Convention Center. It was the intent of the LVCVA to have that portion set aside to sell for a resort that could help fund the expansion.
The deal was recently agreed to in principle, but according to the Las Vegas Review-Journal, they are looking at December for it to be finalized. It is not known when Fischer will start construction on a planned resort, but he apparently doesn’t have to begin until 2031.
Fischer has other properties around the world, including a casino and resort in Santiago, Chile and a similar development in Argentina. He also owns real estate in Panama, and two airlines.
So far, Fischer has been mum on his plans for the Las Vegas property. Hill told the Review-Journal that Fischer was an innovator and that he is excited to see what his plans entail.
